This is a Buyer’s Guide to Purchasing Property. It gives you most of the information necessary to make an informed decision. Remember it is all about Location! Location! Location! So check out the area or development and decide on what is best for you. Antigua has many professionals working with property and in the property field. Architects, Engineers, Builders, Lawyers, Estate Agents. Be aware of all these Acquisition Considerations. Above all select the professionals that will work for you and that you feel most comfortable with.
- To purchase property in Antigua, Non-Citizens need to apply for a license which costs 5% of the purchase price.
- For Non-Citizens, there is a non-speculation law covering the purchase of land. You are obliged to comply with the details of the non-citizen’s license including the allowed time required to commence and complete building.
- The buyer pays government transfer fees of 2.5%.
- Rates and property taxes are based on land area and rental value and are assessed by the Land Officer at Inland Revenue.
- For Non-Residents there is a 25% withholding fee tax. Your Property Manager will inform you on how to deal with this.
- The majority of property is freehold. Leaseholds are rare and usually held by the Crown.
- Legal costs vary between 1% and 2% depending on property value. Purchasers are encouraged to engage the services of a lawyer to handle the conveyance.
- Properties are registered at the Land Registry. Your Lawyer will search the title for and charges of encumbrances. There may be Restrictive Covenants registered against property. These will be mainly in gated communities or Developments.
- There is no title insurance in Antigua and Barbuda.
- Property Management fees are usually 10% but are negotiable based on work and your expectations. Rental commissions are 8.33% of the value of the lease. For short term rentals these will vary from 10% to 25% depending on the property and services provided.
- Insurance cover is approximately 2.0% of the insured risk; deductible of 2% includes earthquakes & named storms.
- Bank financing is available. Mortgage interest rates in Antigua are fairly high compared with the US & Europe.
- Houses are usually serviced with a septic tank.
- Water cisterns are required and by law must be at a minimum 10 Imperial Gallons for each sq. ft. of roof area.
- The government supply of electricity and water is generally good and reliable. Many homes have a backup generator and can obtain water either from the mains water supply of by trucking to replenish the cistern supply.
- Telephone, Cell telephones, Cable or wireless TV and Internet Broadband are generally good. Like the rest of the world are not necessarily keeping up to expectations due in large part by an ever increasing user base the result of population growth and increased tourism.
- Engage the services of the best Estate Agent, Lawyer and other professionals that will work best for and with you.
- “At The Peninsula Antigua we work diligently for you”.